Eyeing good buys in consumer durables, lighting: Shekhar Bajaj

Bajaj Electricals Limited (BEL) which recently raised Rs160 crore through a QIP is eyeing acquisitions, particularly in the consumer durables and lighting segments, a top company official said.

The company, which is targeting a Rs2,300-crore turnover this fiscal (FY10), also plans to enter the solar-powered products business, BEL's chairman and managing director, Shekhar Bajaj, told PTI here.

"We are interested in acquisitions, and we have the war-chest ready for it. We are interested in any good opportunity in the consumer durables and lighting segments," Bajaj said.

However, the company would not move in haste, and would wait for the "right deal to come up", he said, adding "though there is no concrete proposal before us presently, we are now on the look out for a good buy."

According to him, likely targets would be those companies which had good brands, but which were growing weaker due to financial or other constraints.

"With our expertise, we can take over such companies, and grow the brands with our financial strength and distribution muscle," Bajaj said.

BEL is cash-rich, and with the Rs160 crore raised recently, funding a good buy would pose no problem, he said, adding that a part of the QIP proceeds would be used to reduce the company's interest costs and debt and also for expansion.